Designation of Operating Member. Buckingham is hereby designated as the “Operating Member” of the Company (the “Operating Member”). Buckingham shall serve in such capacity unless and until Buckingham is removed by the Management Committee in accordance with the provisions of Section 2.06. Following any removal of Buckingham as the Operating Member, the Person (who may be, but need not be, a Member of the Company) selected by the Management Committee in accordance with the provisions of Section 2.06 shall serve as the replacement Operating Member or manager of the Company.
Appears in 2 contracts
Sources: Operating Agreement (Paladin Realty Income Properties Inc), Operating Agreement (Paladin Realty Income Properties Inc)